RBC plans 21.75% reverse convertibles linked to ATP Oil stock

By Susanna Moon

Chicago, April 1 - Royal Bank of Canada plans to price 21.75% annualized reverse convertible notes due July 20, 2010 based on the performance of ATP Oil & Gas Corp. common shares, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless ATP Oil stock falls below the barrier price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of ATP Oil shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.

The notes are expected to price on April 15 and settle on April 20.

RBC Capital Markets Corp. is the agent.

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